Tag: Wealth Transfer

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The Success Metrics Every Business Owner Should Use (Ep. 110)

The Success Metrics Every Business Owner Should Use (Ep. 110)

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How do you measure success in your business?

There isn’t one definitive way of measuring the success of your business, however, there are strategies and benchmarks you can use to get an accurate idea of how it is performing.

In this episode, Tim Scannell discusses some of the most reliable metrics you can use as a business owner to gauge the value of your business and maximize the return you receive when you decide to exit.

Tim discusses:

  • How to measure growth and success using benchmarks
  • How to discover the percentage of business value each position in your company holds
  • The first few things you should do if you become an “accidental business owner”
  • How he educates business owners and makes them realize the worth of their business PRIOR to exiting and selling it
  • And more

 

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73. Five Key Financial Concerns for The Wealthy

73. Five Key Financial Concerns for The Wealthy

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Many people share similar concerns about their finances, like ensuring you have enough money to meet all your monthly needs, and ensuring you have enough money to retire comfortably. But what about the wealthy? Are there specific financial concerns that only pertain to them?

In this episode, Tim Scannell looks at five financial concerns he regularly hears people are concerned about. Tim discusses wealth preservation, wealth enhancement, wealth transfer, wealth protection, and giving to charity as key concerns for the wealthy, and shares his insight about how to approach each concern.

Tim discusses:

  • Why “wealth” is more than just the amount of money in your bank account
  • Why clients are so concerned about wealth transfer
  • Why, as a business owner, you need to be concerned about wealth protection
  • How you can create a more impactful gift to charity
  • And more

Resources:

62. How to Minimize the Tax Impact of Your Business Sale

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72. It’s Never Too Early To Build Your Business’s Succession Plan

72. It’s Never Too Early To Build Your Business’s Succession Plan

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Are you busy serving clients, managing operations, and growing your business?

It’s time for you to take a step back and think about your exit strategy—even if it’s still years away.

In this episode, Tim Scannell discusses why it is never too early to start your succession planning. Using a detailed client example, Tim explains ways to ensure a fair wealth distribution to all of your successors, and how you can optimize the cash flow for your own dream retirement.

Tim discusses:

  • How Hightower Great Lakes’ Pathfinder helps you transition to a work optional lifestyle
  • Tips for dealing with the emotional elements of succession planning
  • Important topics you must discuss with your family before your exit business
  • Strategies that enable you to exit on your terms, and with confidence
  • And more

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